Making investments in the development and implementation of audit technology can be an expensive endeavor. Therefore, a comprehensive knowledge of the extent of this process is vital for those making the decisions.
Experts believe that the development and implementation process of audit technology consumes a lot of time, money, and human resources. It also requires an extensive determination of the goals and targets which must be achieved. The implementation of audit technology is a complicated process that requires constant communication between teams and an understanding of the risks that could arise at any point of the development process.
This is particularly applicable if the project’s objective is to increase audit efficiency and data organization. One KPMG senior manager found that a firm with multiple entities could reduce hundreds of testing time by utilizing automated technology.
Another possible application for emerging technologies is for auditors to perform audits in remote and virtual environments. This technology can improve efficiency, decreases travel costs and time spent with clients, and allows auditors to make use of advanced tools like analytics.
According to Samantha Bowling, CPA, CGMA, managing partner at Upper Marlboro, Md.-based Garbelman Winslow CPAs Implementing new technology in the audit is not an overnight process. Her firm implemented artificial intelligence (AI) to help identify high-risk transactions. This technology has allowed her to tailor audit procedures to specific risks and eliminate the need to sample which results in greater efficiency and better quality.